The Hawaiian gazette., 1887-11-29
THE LEGISLATIVE ASSEMBLY.
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we have Just emerged
A servile and unprincipled Legislature
which we all regard as an everlasting dis
grace to the country, passed the Loan Act OF
1886 10 please Mr.. Armstrong and his crew
and now shall we abjure our professions OF
reform, and. descending to the low levels OF
that Legislature, whitewash the illegal acts
of the so-called financial agents of the coun'
try, as is demanded of us.
If we now stand by the statutes of 1886,
and tender to the subscribers to the loan
such bonds as are contemplated by that Act,
we shall be doing the honest and legal thing;
our position will be a dignifed one, and we
shall not in any degree sacrifice our self
respect or our principles. The question as
to whether the subscribers will accept such
bonds, is not for us to consider at the present
time. If they refuse such legal tender, they
do it at their own peril.
l therefore move that this section be in
definitely postponed.
Noble Young said this transaction was
something like contract to build ship, for
which the specifications had been drawn out
and the ship built but as it turned out,
she was not built according to the specitica-
tions but in accordance with a whim of the
architect. When the parties who gave the
order found out what was going on. and said
the plans must be altered. they were told
"Oh that will cost el5,OoO more" The
country had been informed that the two
fine agents had been appointed by the Gov
ernment with the understanding that they
were to receive nothing for their services.
Now it comes out that agent No. > received
$1,000 fer manipulating the Act through the
Legislature. Is it not presumable that if
5000 went for this purpose, that the balance
of the el5,0 900 was for similar services! Ihe
Court had decided that the Government was
not liable for the acts of the agents, outside
the statute.
1t is difficult to ascertain in this muddle of
agents who were looking out for the interests
of poor little Hawaii. That the London
public, as we'll as the Hawaiian public have
been swindled there is no doubt. He was in
favor of the bonds being signed. but not in
such way as TO thrust the G15.000 down our
throats. He supported the amendment of the
honorable member from Hamakua, that a
special agent be sent forward with the bonds
with specific instructions TO deliver bonds for
the amount of money actually received. The
honorable Noble referred to the practice of
persons going into dark caves, fastening the
end of a cord at the entrance and unwinding
the string as they entered the cave, and get
ting ont by following the string back again.
If we follow the string out of this loan busi-
ness, back to the entrance, we will, without
doubt, fetch up with . a niger in the fence"
A mans credit is not damaged by refusing
~ AcN Mnftl ut HAS IO IiElll " Pay. E1llG IL
cannot damage our credit in London by re-
fuslng TO pay debt that does not belong to
US. A persons credit is more likely to be
damaged by paving what he has no right TO
pay. He, the speaker would not lend money
TO a fool or a simpleton. He was in favor of
sending an agent who could be trusted with
he could count such men in
this country off on the ends of his fingers.
He did not want to send a bugaboo or a
thief.
Noble Castle explained the terms Of the
committees report. He was in favor of issu-
ing bonds to subscribers in London for the
amounts subscribed by them. We had Loan
Acts with S20O0,000 on their face, but the
amount had been Topped off in so many ways
that the actual cash was considerably re-
duced. The Loan Act of 1856 had been op-
posed by every member OF the minority, but
after it became law, these members lent their
aid to perfect IT as nearly as possible. Mr..
Macfarlane, one of the Financial Agents, as
a member of the Legislature. had been
present engineering it through the House.
Before the committee, the other evening, he
knew nothing about it, or would not tell
what he did know. The Ministers when the !
Act was before the House, knew nothing
about it or refused to tell what they did |
know. His opinion was. that in the matter |
Of the bonds, the Government have to deal |
with the London public, and that in the |
matter of the e15,000, we had to deal with
The agents, and if he was asked was he going |
10 endorse the agents, he would say, en-
no. The agents came before the |
committee ana told them they did not know
who the syndicate were-did not know who |
anybody was. The transactions in connec- |
ion with the loan, were an outrage that he
lid not propose to subscribe to. The COM
nittee had asked the Financial Agent |
about the number and denominations of the
bonds, but the agent could not tell anything
about it. He could not even tell US if the |
'ciip certificates contained the number of |
he bonds.
1t was absurd to say. however, that the /
solicitor of tue Bank of England or the house
If Matheson & Co. weuld lend themselves to |
/ fraud.
Mr. Macfarlane had informed him that the
,harge for disbursing the interest would be
- per cent.
If we keep our credit good, we can redeem |
hese bonds with new issue of bonds at a
yreatly reduced rate of interest. Other in
erests were involved. Schemes of private
enterprise, all for the development of the
,ountry, have been tried to be hoated in
london, and others would likely follow. We
annot be losers if We establish credit that 1
Will enable citizens to obtain means for car
wing on enterprises for the benefit of the |
county.
Committee took recess to ! o'clock. !
AFTERNOON SESSION.
Minister Brown wished to answer the re-
marks of Messrs. Baldwin, Waterhouse and 1
Dole. The syndicate, Matheson d Co., and |
be Hawaiian agents, had been enormously |
reated as one and the same person. II was |
lot so. Matheson d Co. was one of the most |
houses in London. The firm is
It present simply holders of receipts for the
Of the bonds,
What remedy have we for the ouaood
te.en money, el5,000? Is il ,b.t we on
md steal it from somebo Nv else IF the
,15,0O0 can be got froT the svndicate yerv
ell, But it will no. do to % take it from the
,ona nae suos' '4lbers to the loan. Suppose,
OF liusll"" i IN, person goes TO the Regis
rar, oav some bonds, pays for them, takes
rece' pts, the bonds to be ready month
ence. At the end of the month he goes to
the Minister of Finance and asks for his
bonds, and gets for answer: e Yes, you paid
YOUR money. but the clerk over there spent it
on some illegal expenses, and we will deduct
HE expenses from your bonds" The Minis
ter hardly thought that would be square
deal.
The public have subscribed a certain
amount for bonds, and the bonds for that
amount should be delivered.
l. Co. rnI tr,N fan rrfrr1r1